Korea Investment & Securities announced on July 1 that it has launched the 'Automatic Foreign Currency RP (Repurchase Agreement) Savings Service' through the Toss Bank mobile application.
With this service, customers can select a preferred investment cycle?daily, weekly, or monthly?and a designated amount will be automatically invested in foreign currency RPs. Investments start from a minimum of $10, and customers can easily manage their foreign currency assets with just an initial setup, without the need for repeated subscription procedures. Settings such as investment cycle and amount can be changed at any time.
A foreign currency RP is a financial product in which the agreed yield and principal are received together at maturity. It offers competitive interest rates compared to market rates and the potential for foreign exchange gains, making it a popular short-term investment vehicle for foreign currency assets.
Meanwhile, Korea Investment & Securities has also launched a foreign currency RP product with a special promotional rate of 4.1% per annum (pre-tax). Investments start from a minimum of $100, and customers can freely invest at any time, 365 days a year, except during the currency exchange blackout period on the Toss Bank app (6:00 a.m. to 9:00 a.m.). The promotional product may end early if the sales limit is reached. The dollars required for investment are automatically exchanged at a preferential rate with a 90% discount on the spread.
Park Jaehyun, Head of the Retail Customer Group at Korea Investment & Securities, stated, "As customers' foreign currency assets continue to grow, we expect that this partnership product will enable more strategic foreign currency investments," adding, "We will continue to introduce diverse investment options to support our customers' asset management."
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